Key Notes
- Mantra Finance received regulatory approval in Dubai, allowing it to offer compliant digital asset services in the region.
- The company plans to expand in the Middle East, focusing on real-world asset tokenization for institutional investors.
- CEO John Patrick Mullin emphasized Dubai and VARA’s role in shaping a strong regulatory framework for digital assets.
Decentralized finance platform Mantra Finance has obtained a Virtual Asset Service Provider (VASP) license from Dubai’s digital asset regulator. This approval aligns with the company’s commitment to compliance, security, and innovation.
Mantra revealed that it aims to expand its services in the Middle East with a focus on real-world asset tokenization. The CEO of Mantra, John Patrick Mullin, praised Dubai and VARA’s leadership in crypto regulation, citing their comprehensive virtual asset framework. He stated :
“By establishing the most timely, comprehensive and built from-the-ground-up framework for virtual assets and Web3, Dubai and VARA have become world leaders in crypto regulation.”
The CEO also added that the UAE and the MENA region are growing rapidly in Web3 and virtual assets due to progressive regulatory initiatives. Mullin noted that the license would enable the platform to offer DeFi products that connect decentralized and traditional finance for institutional and qualified investors.
Institutional-Grade Tokenization and Future Retail Access
The team shared that the yet-to-launch DeFi products are designed to cater to investors’ needs while ensuring compliance with necessary regulations. The Mantra CEO told Cointelegraph that the platform will initially focus on large-scale tokenization for institutional investors but aims to extend these opportunities to retail investors in the future.
He added that Mantra will maintain regulatory compliance and investor protection while increasing accessibility through tokenization, also revealing collaborations with major UAE firms including Damac, Libre, MAG, Novus Aviation, and Zand to bring billions in assets on-chain. Mullin shared that in the coming months, the platform will announce new initiatives focused on tokenizing assets across various sectors and markets, stating:
“By the end of this quarter, and into the next, we’ll be sharing updates on new projects we are working on that will tokenize assets across multiple industries, markets and classes.”
Mantra formed a partnership with DAMAC Group in January to offer token-based financing for real-world assets worth at least $1 billion. The tokenized assets are set to go live exclusively on the Mantra chain.
Market Performance and Growing Interest in OM Token
Mantra OM $7.52 24h volatility: 0.8% Market cap: $7.32 B Vol. 24h: $390.15 M has turned out to be one of the top-performing altcoins despite market volatility. The token is currently trading at $7.60, gaining over 2% in the last 24 hours and more than 100% in the past month. There is also a surge in market activity, with a more than 70% increase in trading volume over the last 24 hours—an indication that users are actively trading the token.
The Dubai VASP license and planned operational expansion could further increase the token’s accessibility in the region, potentially leading to greater popularity and interest. News like this could strengthen Mantra’s (OM) fundamentals, potentially leading to significant price movements in the upcoming altseason.
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